Wind vessel giant Cadeler seals $600m of green loan and guarantee facilities ahead of Eneti merger
Credit line will help fund crane upgrades while refinancing existing vessels
Offshore wind vessel contractor Cadeler has secured a €550m ($593m) green credit line from a group of banks led by DNB in order to refinance existing vessels ahead of a merger with former rival Eneti.
The loan facility will also be used to finance crane upgrades of Cadeler’s two existing vessels and to fund corporate and working capital requirements, according to a statement by the Copenhagen-headquartered contractor.
The two-tranche loan was co-funded by Rabobank, Credit Agricole, Danske Bank, Oversea-Chinese Banking Corporation (OCBC), Standard Chartered Bank and Societe Generale, with guarantees provided by the Export and Investment Fund of Denmark (EIFO).
Mikkel Gleerup, CEO of Cadeler said: “The strong support from Nordic and global banks to successfully close this secured green loan facility underlines the trust in Cadeler’s vision and capability to facilitate the renewable transition.
“With Cadeler’s strategic position in the market, we are well placed to meet the increasing global demands and to execute the largest and most complex offshore wind installation projects.”
In an upgrade operation that commenced last month, Cadeler is fitting bigger cranes on the Wind Orca and Wind Osprey wind turbine installation vessels,
The new NOV leg cranes have a 1,600-tonne lifting capacity and are intended to equip both units for the transport and installation of next-generation offshore wind turbines of up to 20MW capacity.
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